You’ve done it. You’re out. You survived college.
Not only did you survive – you succeeded. You’ve obtained what so many people never will: the diploma. Now, you can stare at it every day. It’s yours — you earned it.
And now, you’re ready to celebrate. You’re a real adult in the real world and it’s time to start acting like it and start looking like it. But, before you go off and blow your not-yet-hard-earned dollars from your brand-new grownup job, take a step back and avoid these common spending mistakes new graduates often make.
Buying a new car.
You’ve been driving the same used car since you were 16. Well, before you go off and buy a brand new set of wheels, think about every associated cost. Right now, you’re probably covering gas and insurance, but the car itself is paid off. With a new car, you’ll face with monthly payments. Is that an extra $300+ a month you can afford to spend?
Leasing a new car.
Usually, this is a worse idea than buying a new car. Leasing a car grants an individual the ability to drive a car he or she can’t afford to buy. If you can’t afford to buy the car, you can’t afford the car. As Daily Finance reminds us, “A good rule to remember when it comes to car shopping is that you should buy your first new car when your net worth is over $1 million — a sum that leaves you well-prepared for retirement and rainy days.
Photo Credit: 401(k) 2012
To keep up with any published articles or blog posts, make sure you join my email list!